3 ms·

I'm not an expert but I don't think our money is based on nothing. As I understand it it is based on the relative debts and wealth of other nations [0]. [0] ht

I'm not an expert but I don't think our money is based on nothing. As I understand it it is based on the relative debts and wealth of other nations [0]. [0] https://www.mentalfloss.com/article/12715/why-did-us-abandon-gold-standard https://www.mentalfloss.com/article/12715/why-did-us-abandon...

brenden2 7y ago
By definition, fiat currency is literally based on nothing. Or, more correctly, fiat currency is based on a shared collective delusion that it has 'value'.
- ruds 7y ago
  How does this differ from gold-backed currency?